7 Winning Tactics To Maximize Your Infopreneur Profits

 

Information marketers care about their audience enough to find out what troubles them – and then source or create solutions for them. They also willingly share what they know with people who want to learn, and seek to be fairly compensated in exchange for the value they provide.

By doing this consistently and in a strategic manner, infopreneurs build and grow a sustainable business built around what they already know, are passionate about, and are willing to share with others.

But growth is not accidental or automatic. There are some things a good information marketer will focus on consciously, and do in a measurable and steadily improving fashion, in order to achieve expansion.

Let’s look at 7 powerful force-multipliers that information marketers can use to grow their business exponentially.

Upselling

Even though we’ve touched upon this before, it merits a mention at the top of this list for one very good reason – it works.

On one popular infoproduct promotion I put together, I earned a 67% boost in profit from offering just one upsell to my ebook. It was an amazing experience, which brought home this lesson very powerfully.

An upsell, even if not very high priced, can boost profits massively.

Take this example of a $19 ebook. I offered an upsell that cost just $12 more. Approximately 1 in 3 buyers took up the upsell offer.

Without the upsell, every 100 orders would have grossed $1,900.

With the upsell, every 100 orders grossed $1,900 + $396 = $2,296

But this figure grows bigger when you look at profit margins. On average, it cost me $5.50 to make each sale. The upsell cost nothing extra.

Without the upsell, every 100 orders brought a profit of $1,350.

With the upsell, every 100 orders netted $1,350 + $396 = $1,746

That’s an extra THIRTY PERCENT profit – from that single $12 upsell that one in three buyers took!

For many promotions, this upsell may make the difference between a campaign breaking even and losing money. And sometimes it can bring you a profit that lets you keep running the promotion – when you might otherwise have stopped.

Follow Up

Another powerful tactic that works just as well, if not better, than upselling is follow up marketing.

Many times, information marketers grow bored of their own marketing methods than their audiences. Prospects who come into contact with your advertising or promotions need repeated exposures before they’ll be moved to take action.

By giving up on your marketing message sequence before they have had a chance to be jolted out of inertia and decide to act on your offer. Of course, some of your prospects will be ready to buy immediately. But for the others, repeated follow ups help.

In one memorable email marketing sequence I sent over a Thanksgiving Day weekend, I generated 67% more sales of a set of ebooks from follow up emails than I did from the initial one. If I had given up after the first, I would have made less than one-half the total sales that eventually came through – and left that much profit on the table!

Testimonials

In a world where trust is at a premium and advertising or marketing messages are largely ignored, the one signal that new prospects rely upon about the quality and reliability of your infoproducts are the things other buyers are saying about them.

Social proof was never more important than in a ‘recommendation era’ such as the one we are currently living in. Twitter, Facebook and other social networks have made it easier than ever to tap into a network of friends to seek feedback and opinion about some product or service. The smart mobile phone revolution has made this access available from anywhere, and in almost real time.

Having testimonials, reviews and endorsements from happy users can go a long way in convincing hesitant prospects to go ahead and try your product or service. Infopreneurs will always do well to actively seek feedback and comments from their audience, and explicitly ask for permission to display them along with your sales copy.

Bonuses

As information marketers, we want to sell (or otherwise monetize) our content – and one of the best ways to boost sales conversion rates is by throwing in incentives or bonus gifts.

What works most effectively is to package some relevant and related infoproducts as gifts to be made available to buyers who pick up your primary product or service within a specified period of time.

This serves to act in two ways:

• increase the perceived value of the offer
• place time-pressure on closing the sale, by introducing a deadline

Together these effects lead to more prospects buying a product with bonuses than one without.

For infopreneurs, bonuses aren’t as big a challenge as with other online business owners. Where others will have to find and source a gift or two to bundle with their physical product, information marketers can just get busy – and create another infoproduct or two as bonuses.

Let’s say you’re selling an ebook about article marketing and syndication. A nice bonus to add might be a collection of links of websites, blogs and directories that may syndicate your content. Another may be a template sharing an effective and proven pitch letter that buyers can use to get guest blog posts or article submissions accepted.

Both of these bonuses wouldn’t take much longer than an hour or two to put together – and yet will massively enhance the value of the ebook to an owner.

Split Testing

Most online business owners don’t test anything. A few casually test a few elements of the sales process, and settle for modest results. What sets apart the top infopreneurs from everyone else is the avid interest and obsessiveness with which they test every component of the selling sequence.

From headlines of the sales letter to subject lines in their email marketing, information marketers who understand the real value of testing are going ahead and running comparisons and studies.

One of the most effective ways to test is through ‘split testing’. This is essentially a way to directly compare and contrast two versions of the same variable. For example, you could compare one headline against another, or one price point against another, directing alternate visitors to each version and then measuring their response.

If you make twice as many sales at $7 as with $27, you can calculate the overall impact on your profitability and decide which one to keep finally – rather than just taking a wild guess.

By incrementally improving the response and conversion rate of your sales process, split testing will let you naturally gravitate towards the best combination that brings you the highest return on your marketing efforts.

Physical Products

In the kingdom of the blind, the one-eyed man is king!

This principle is just as true for information marketing. In a world where everyone obsesses about digital infoproducts, you can set yourself apart from the crowd and become distinctive by doing things differently – such as creating physical products.

There’s something special about holding a tangible product in your hands, versus downloading a digital version to your computer or reading device. Granted, the widespread use of Kindle and iPad readers has altered this perception a little. But still, there are niches where holding a printed book in one’s hand can feel more substantial and real than getting the same content on your computer monitor.

And another advantage to creating your infoproduct in physical form is that you can usually price physical products higher. The knowledge that it takes extra effort and expense to manufacture a physical infoproduct automatically justifies a higher price to your prospects.

Risk Reversal

One last factor that can tilt the balance towards making a sale is reversing or taking away any perception of risk in the transaction for your buyer.

My mentor, Jay Abraham, tells an interesting story of two farmers who were trying to sell a horse to a customer. The first one said:

“Buy my horse. Take it home. See if your daughter enjoys riding him. If you’re not fully happy with it, bring him back to me, and I’ll return your money.”

The other farmer, who understood the value of risk reversal, said this:

“My horse is kind, gentle and sweet. But you don’t know that. So I’ll leave the horse with you. You don’t have to pay me now. Let your daughter play with him. Try riding him. I’ll ask my son to bring over the straw for his feeds and clean up the stable. A month later, if you decide you’d like to keep him, I’ll come by and collect my money. If you don’t want him, I’ll simply take him back – no cost at all!”

Which of these two farmers would you do business with?

The first one guarantees the sale. The second farmer understands risk reversal and took away all risk from the deal.

By crafting offers that remove any risk for your prospects, or better still, reverse the risk of doing business with you, you’ll close many more sales and boost your profit massively.

A “better than risk free” option that rewards a trial buyer just for sampling your wares works even more nicely as risk reversal. A prospect who is scared or nervous about doing business with you for the first time will be encouraged to take a chance – especially when he knows that, at worst, he’ll come out ahead of the game!

So there you have it. Seven winning tactics to maximize your infopreneur business.

Every information marketer can put these approaches to use in their infoproduct selling efforts. The cost to implement these options is small. The work to craft the pieces can be outsourced, if you don’t like the idea of doing it.

And as you see the impact of each of these force-multipliers kick in, then synergize into a powerful collective push, you’ll realize how wise you were to take the time and trouble to maximize your infoproduct sales through these 7 force-multipliers.

All success

p.s. If you haven't yet read my free "The Smilenaire Way" report, grab your copy here - and decide if you're ready to start smiling every day in your business. (When you are, click here)

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Tags: bonus, business optimization, follow up, risk reversal, testimonials, upsell

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